March 3, 2017 / 5:25 AM / 9 months ago

CARE ratings for Indian debt instruments-Mar 3

    Mar 3 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of March 2, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                      (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Adithya Automotive Applications Pvt   ST Bk Fac          CARE A1        150     Reaffirmed
Ltd
Arvind Lifestyle Brands Ltd           ST Bk Fac          CARE A1+ (SO)  2751.2  Reaffirmed
Arvind Lifestyle Brands Ltd           CP issue (Carved   CARE A1+ (SO)  1500    Reaffirmed
                                      Out)
Arvind Lifestyle Brands Ltd           CP issue           CARE A1+ (SO)  1000    Reaffirmed
                                      (Standalone)
Arvind Ltd                            CP (CP) (Carved    CARE A1+       3000    Reaffirmed
                                      Out)
Arvind Ltd                            CP (Standalone)    CARE A1+       4000    Reaffirmed
Arvind Ltd                            ST Bk Fac          CARE A1+       4822.2  Reaffirmed
Deccan Enterprises Ltd                ST Bk Fac          CARE A3+       391.4   Reaffirmed
Expat Engineering India Ltd           ST Bk Fac          CARE A4        70      Reaffirmed
Komoline Aerospace Ltd                ST Bk Fac          CARE A4        70      Reaffirmed
Mbm Trade-Link Pvt Ltd                ST Bk Fac          CARE A4+       100     Reaffirmed
Nandi Grain Derivatives Pvt Ltd       ST Bk Fac          CARE D         5       ISSUER NOT
                                                                                COOPERATING
Rio Glass Pvt Ltd                     ST Bk Fac          CARE A4        6       Assigned
Savalia Cotton Ginning And Pressing PvST Bk Fac          CARE D         35      Revised from
Ltd                                                                             CARE A4
Singan Projects Ltd                   ST Bk Fac          CARE D         215     Revised from
                                                                                CARE A4
Shiv-Om Sulz Fab Pvt Ltd              ST Bk Fac          CARE A4        5       Assigned
Shree Rk Industries                   ST Bk Fac          CARE A4        25      Assigned
Status Seramik (India) Pvt Ltd        ST Bk Fac          CARE A4        9       Reaffirmed

LONG TERM RATINGS:
-------------------
Adithya Automotive Applications Pvt   LT Bk Fac          CARE A-        100     Reaffirmed
Ltd    
Ajit Agro Industries                  LT Bk Fac          CARE B+        70      Assigned
Amod Stampings Pvt Ltd                LT Bk Fac          CARE BB+       536.7   Reaffirmed
(Enhanced from 52.67crs)
Amod Stampings Pvt Ltd                LT / ST Bk Fac     CARE BB+ /CARE 550     Reaffirmed
                                                         A4+
(Enhanced from 37.00crs)
Arvind Envisol Pvt Ltd                Long/ST Bk Fac #   CARE AA (SO)   370     Revised from
                                                         /CARE A1+ (SO)         CARE AA-
                                                                                (SO)/CARE A1(SO)
# The above bank facilities are backed to be backed by the unconditional, irrevocable and
continuing corporate guarantee of Arvind Limited (Arvind; rated: CARE AA; Stable / CARE
A1+)Arvind Lifestyle Brands Ltd           NCD issue          -              -       Withdrawn
                                      (Proposed) @
@ The rating assigned to the proposed NCD issue of Rs.150 crore is withdrawn at the request of
company since the company has not availed the aforementioned proposed NCD issue and there is no
amount outstanding under the said issue.
Arvind Lifestyle Brands Ltd           LT Bk Fac          CARE AA (SO)   3568.1  Revised from
                                                                                CARE AA- (SO)
Arvind Lifestyle Brands Ltd           LT Bk Fac          CARE AA (SO)   1500    Revised from
                                                                                Provisional
                                                                                CARE AA- (SO)
Arvind Lifestyle Brands Ltd           NCD issue          CARE AA (SO)   750     Revised from
                                      (Outstanding                              CARE AA- (SO)
Arvind Ltd                            LT Bk Fac          CARE AA        8697.4  Revised from
                                                                                CARE AA-
Arvind Ltd                            Long/ST Bk Fac     CARE AA /CARE  12230   Revised from
                                                         A1+                    CARE AA- /
                                                                                CARE A1+
Dalmia Refractories Ltd               LT Bk Fac (TL)*    -                      Withdrawn
*Withdrawn upon full repayment of term loan on October 1, 2016
Dalmia Refractories Ltd               LT Bk Fac (FB)     CARE A-        470     Reaffirmed
Dalmia Refractories Ltd               LT/ST Bk Fac       CARE A- /CARE  470     Reaffirmed
                                      (Non-FB)           A2+
Deccan Enterprises Ltd                LT Bk Fac          CARE BBB+      161     Reaffirmed
Dhareshwar Ginning Industries         LT Bk Fac          CARE B+        66.3    Assigned
Dishman Pharmaceuticals And Chemicals NCD (NCD) Issue    CARE BBB+      225*    Withdrawn
Ltd
* The outstanding amount of NCD has been fully repaid and hence, rating has been withdrawn
Details of instrument in Annexure-1
Expat Engineering India Ltd           LT Bk Fac          CARE B+        110     Reaffirmed
Hes Infra Pvt Ltd                     LT Bk Fac          CARE A-        1190    Revised from
                                                                                CARE BBB+
(reduced from 133.34 cars)
Hes Infra Pvt Ltd                     LT/ ST Bk Fac      CARE A- /CARE  6240    Revised from
                                                         A2                     CARE BBB+/
                                                                                CARE A3+
Irb Invit Fund                        Issuer Rating      CARE AAA(Is)   -       Assigned
Jai Shiv Suitings Pvt Ltd             LT Bk Fac          CARE BB-       106.6   Reaffirmed
Keventer Agro Ltd                     Issuer Rating      -              -       Withdrawn
Komoline Aerospace Ltd                LT Bk Fac/ ST Bk   CARE BB-       30      Reaffirmed
                                      Fac                /CARE A4
Mbm Trade-Link Pvt Ltd                LT Bk Fac          CARE BB+       30.5    Reaffirmed
(reduced from Rs.3.27 crore)
Nandi Grain Derivatives Pvt Ltd       LT Bk Fac          CARE D         693     ISSUER NOT
                                                                                COOPERATING
Patel Knr Heavy Infrastructures Ltd.  LT Bk Fac -        CARE AAA (SO)  1124.3  #
                                      External                                  
                                      Commercial Borrowing (ECB)                
Patel Knr Heavy Infrastructures Ltd.  LT Instruments -   CARE AAA (SO)  3442    #
                                      NCD (NCD)                                                 
                                                              
Pcl Oil & Solvents Ltd                Long –term/ ST Bk  CARE BB+ /CARE 380     Reaffirmed
                                      Fac                A4+
Pcl Oil & Solvents Ltd                LT/ ST Bk Fac      CARE BB+ /CARE 975     Reaffirmed
                                                         A4+
Pgh International Pvt Ltd             LT Bk Fac          CARE B         887.4   Issuer Not
                                                                                Cooperating
Progressive And Popular Minerals Pvt LLT Bk Fac          CARE BB        75      Reaffirmed
Raghuvanshi Cotton Ginning And PressinLT Bk Fac          CARE D         694.4   Revised from
Pvt Ltd                                                                         CARE BB
Rhc Holding Pvt Ltd                   NCD – Series A     -              -       Withdrawn
Rio Glass Pvt Ltd                     LT Bk Fac          CARE B+        53.4    Assigned
Ritzy Chemicals Pvt Ltd               LT/ ST Bk Fac      CARE BB+ /CARE 2000    Reaffirmed
                                                         A4+
(enhanced from Rs. 160crs)
Ritzy Chemicals Pvt Ltd               LT/ ST Bk Fac      CARE BB+ /CARE 500     Reaffirmed
                                                         A4+
(enhanced from Rs. 40crs)
Ritzy Polymers                        LT/ ST Bk Fac      CARE BB+ /CARE 180     Revised from
                                                         A4+                    CARE BB+
                                                                                (SO)/ CARE+(SO)
Ritzy Polymers                        LT/ ST Bk Fac      CARE BB+ /CARE 380     Revised from
                                                         A4+                    CARE BB+
                                                                               (SO)/CARE A4+(SO)
Savalia Cotton Ginning And Pressing PvLT Bk Fac          CARE D         442.2   Revised from
Ltd                                                                             CARE BB
Shiv-Om Sulz Fab Pvt Ltd              LT Bk Fac          CARE BB-       67.3    Revised from
                                                                                CARE B+
Shree Rk Industries                   LT Bk Fac          CARE B         49      Assigned
Singan Projects Ltd                   LT Bk Fac          CARE D         330     Revised from
                                                                                CARE B+
Status Seramik (India) Pvt Ltd        LT Bk Fac          CARE B+        42.1    Reaffirmed
(reduced from 5.92crs)
Tejraj Realtors                       LT Bk Fac          CARE BB        500     Withdrawn
Toolfab Engineering Industries Pvt LtdLT Bk Fac          CARE BB-       199.2   Revised from
                                                                                CARE B
-------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

CARE may apply + or - signs for ratings to reflect a comparative standing within the category.

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures.

(Mumbai Rate Reporting Unit + 91 22 6180 7222/3317 7222, E-mail at rru.data@thomsonreuters.com)

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